Microstrategy Inc MSTR and CEO Michael Saylor continue to be strong believers in the growing value of Bitcoin by placing its treasury reserves into the cryptocurrency.
What Happened: A new 8K filing shows that Microstrategy bought 314 additional bitcoin recently at a price point of $31,808 each.
The purchase comes as the cryptocurrency had its worst week since March 2020, falling over 14%. Bitcoin was worth over $41,000 earlier this month.
The additional bitcoin now put the total amount owned by Microstrategy at 70,784. The company has bought bitcoins at an average price point of $16,035.
Why It’s Important: The additional purchase comes after the company spent over $1 billion to acquire bitcoin in 2020. The company announced in December it purchased $650 million of bitcoin at an average price point of $21,925.
With Bitcoin valued at $32,350 at the time of writing, Microstrategy’s stake is worth $2.29 billion. The market capitalization of Microstrategy is $4.8 billion.
Related Link: 8 Stocks To Play Bitcoin’s Resurgence
What’s Next: Microstrategy is hosting the Bitcoin Corporate Strategy event Feb. 3-4.
The event will feature Saylor and industry leaders from Binance, Coinbase, Galaxy Digital and Gemini. Lectures will include discussion on macro strategy, corporate strategy, finance considerations, legal considerations and accounting considerations.
MSTR Price Action: Shares of Microstrategy are up 3% to $534 on Friday. Shares have gained more than 250% over the last year.
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